More than 300 new mines will be needed globally to meet growing demand for electric vehicle (EV) batteries, according to a new forecast from a mining analyst.

Benchmark Mineral Intelligence estimates at least 384 new mines for graphite, lithium, nickel and cobalt will be required to meet electric vehicle demand by 2035. If battery materials can be recycled in large enough quantities, the firm says about 336 new mines would be needed.

Andrew Miller, Benchmark’s chief operating officer, said he wasn’t surprised when they arrived at the numbers…

He said new tax credits under the Inflation Reduction Act in the U.S. will benefit Canada, because they apply to vehicles built in North America, that use minerals mined from the U.S. or its free trade partners.

Miller said recycling batteries to recover their metals will become more important as demand grows and the mining industry struggles to keep up.